Smart Sand, Inc. announced its financial results for the third quarter ended September 30, 2026, reporting total revenue of $112.3 million. This figure represents a 21% increase compared to the $92.8 million in revenue generated during the same period in 2025. However, sequentially, revenue decreased by approximately 2.4% from the $115.1 million reported in the second quarter of 2026.
During the third quarter, the company sold approximately 1,783,000 tons of product. This volume was a 4% decrease from the 1,864,000 tons sold in the preceding quarter but marked a 21% increase from the 1,472,000 tons sold in the third quarter of 2025. The company attributes the year-over-year revenue growth primarily to higher sales volumes and increased average selling prices.
Smart Sand reported a net income of $8.4 million for the quarter, which equates to $0.21 per basic share and $0.20 per diluted share. This represents a decrease from the $10.2 million in net income reported in the second quarter of 2026. The company also reported a contribution margin of $26.4 million and Adjusted EBITDA of $18.0 million. Free cash flow for the period totaled $17.3 million, driven by net cash provided by operating activities of $21.1 million.
In terms of shareholder returns, the company declared a special dividend of $0.05 per share, payable on November 30, 2026, which is expected to return approximately $2.2 million to investors. Including this payment, Smart Sand has returned approximately $14.3 million to shareholders through dividends and share repurchases in 2026. The company also noted that it has not repurchased any shares under its authorized program during the third quarter.
Looking ahead, Smart Sand expects full-year 2026 sales volumes to increase by 20% to 30% compared to 2025 levels. The company projects full-year capital expenditures to range between $15.0 million and $20.0 million, excluding acquisitions and potential investments in new terminals. As of September 30, 2026, the company had $21.7 million in cash on hand and $50.0 million in undrawn availability under its FCB ABL Credit Facility.
